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Author(s):
Editor in Chief.
Page No :
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African Journal of Accounting and Financial Research, Volume 2 Issue 1, Full Issue
Abstract
African Journal of Accounting and Financial Research, Volume 2 Issue 1, Full Issue
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Author(s):
Primus E. Emenuga.
Page No : 1-10
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Impact of Macroeconomic Variables on Foreign Direct Investment Flow in Nigeria: ARDL Model
Abstract
The study examined the impact of macroeconomic variables on foreign direct investment flow in Nigeria from 1986 to 2017. Data on foreign direct investment (FDI), gross domestic product (GDP), government size (GOVT), exchange rate (EXR), inflation rate (INF) and interest rate (INT) were sourced from CBN Annual report. ARDL cointegration bound test and error correction model estimation techniques were employed. The finding of the ARDL revealed that exchange rate, interest rate, gross domestic product and government size were all significantly related to foreign direct investment in Nigeria. The study concluded that there exists a long-run relationship between macro-economic variables and foreign direct investment in Nigeria and recommended that The Nigerian government should foster economic policy capable of attracting more foreign direct investment into the country.
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Author(s):
Khoirul Hikmah, Prof. Dr. Tulus Haryono, Dr. Djuminah.
Page No : 11-30
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The Effect of Companies’ Excellence and Limitations Factors on the Investment Opportunity Set: Agency Theory Approach
Abstract
This study aims to analyze the influence of factors of excellence and company limitations on the Investment Opportunity Set (IOS). The research population is all go public companies listed on the Indonesia Stock Exchange (IDX) in 2008-2016. The sampling technique uses a purposive sampling method. The data processing uses regression equations with a panel data models and it is analyzed by an analytical confirmatory factor analysis and eviews. The researchers develop the use of IOS proxy by using 8 variables, namely MVABVA, MVEBVE, PER, CAPBVA, CAPBVE, Tobins'Q, PPEFVA, INS. The 3 variables of the companies’ advantages of the company are multinationality, size and profitability, while the 2 variables of the companies’ limitations are leverage and systematic risk. The results of the study indicate that companies’ multinationality has a positive effect on IOS, the research hypothesis is not supported. The size of the company has a positive effect on IOS, the research hypothesis is not supported. The profitability has a positive effect on IOS, the research hypotheses is supported. The companies’ leverage has a negative effect on IOS, the research hypothesis is supported. The companies’ systematic risk has a negative effect on IOS, the research hypotheses is supported.
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Author(s):
Abubakar Sadiq Saleh, Gabriel Okenwa.
Page No : 31-46
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Sovereign Debt Threshold and Growth in the Sub-Saharan Africa: A Historical Data Approach
Abstract
Scholars have argued that excessive sovereign debts at certain levels could impact negatively on the economic growth of a borrowing nation. Studies however suggest a contrary view of the phenomenon. This study examines trends in debt-to-GDP-ratios, viz-a-viz economic growth, with a view to ascertaining whether there is a particular debt threshold beyond which borrowing can pose a threat to economic prospects of a nation. By use of the descriptive analysis the study samples four sub-Saharan African countries and review trends in gross government debt-to-GDP-ratio, and economic growth, to establish whether shock variables other than debt are responsible for the unfavourable growth recorded among highly indebted countries. The study confirms that a country’s level of indebtedness may not necessarily be responsible for poor growth prospects.
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Author(s):
Bitiyong Zemo J. Amina, Sheriff Ghali Ibrahim.
Page No : 47-53
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The Efficacy of Financial Arrangements for Peace Missions under the African Union Peace and Security Architecture (APSA)
Abstract
The paper delves into the African Peace and Security Architecture (APSA) as established in 2003, within the framework of implementing the AU’s plan for the management of crises and conflicts on the continent. It also analyses the efficacy of financial arrangements for peace missions under APSA. The paper depends on secondary methodology, which remains historical-descriptive in nature. Findings show that, language is one of the barriers to communication among the countries that offer their troops for peacekeeping missions and this can serve as an added funding cost in terms of both time and money in training and integrating military forces of various languages. On the deployment of African Mission in Burundi in 2003 (AMIB) for example, the estimated budget was US$110 million for the initial year. The actual expenditure at the end of the year turned out to be US $134 million. The AU in the absence of adequate funds in its Peace Fund expected to raise the money from donations and pledges. Only US $50 million could be raised. The paper concludes that a united and capable Africa is what regional and international players want. It is therefore essential for African states to demonstrate sufficient political will, capacity and buy-in, which will instill the confidence necessary to galvanize support for its operations and improve funding. The paper recommends a deliberate effort by African heads of states and governments in an improved collective quest for regional and continental security as opposed to the pursuit of wholly national agendas and interests.
